The Isle of Man government on March 3 released a statement welcoming the island’s
inclusion on the OECD ‘white list’ of countries complying with the
global standard for tax co-operation and exchange of information.
The list, produced following the G20 summit in London, places the Isle of
Man in the top tier of jurisdictions – along with nations such as the
UK, USA, Germany, France, Sweden and Ireland – that have ‘substantially
implemented the internationally agreed tax standard.’
Welcoming the Isle of Man’s recognition as a cooperative jurisdiction, Chief
Minister Tony Brown said:
"The OECD white list provides recognition at the highest level of the
Isle of Man’s place in the mainstream of economies that comply with the
global standard on tax. This is a defining moment for us, confirming our position
amongst the most responsible and co-operative countries of the world.”
Treasury Minister Allen Bell added:
“The OECD lists are a significant step forward in the debate about tax,
as countries are now being judged and separated on the basis of agreed international
criteria – not just size. The Isle of Man has always supported an objective,
global approach to this issue and the G20 summit has confirmed this as the way
forward.”
“Inclusion on the white list represents a major endorsement of the Isle
of Man and of our long-term strategy of positive engagement with the OECD. This
can only reinforce the island’s reputation and confidence in our future
as an international business centre of quality.”
“The island has long been committed to the international standards of
tax transparency developed by the OECD in 2000. We are at the forefront of small
nations in delivering on that commitment.”
“Over the past seven years we have signed more tax information exchange
agreements than any of our counterparts, including agreements with the UK, France
and Germany. We have concluded a total of 14 so far, 12 with OECD countries,
and there are several more in the pipeline.”
“The island also has a strong track record of complying with international
standards of financial regulation, as assessed by the IMF and others. A series
of independent, external reviews over the past decade have enhanced our reputation
as a well regulated centre for international finance,” noted Bell.
The Chief Minister, meanwhile, stressed that the Island would continue to
work with the OECD and other bodies promoting international standards on tax
and financial regulation.
“The Isle of Man has a long-term policy of positive engagement with international
initiatives and of supporting international standards,” declared Brown.
Adding: “At a time of global economic crisis this responsible, co-operative
approach is particularly relevant and vitally important.”
“The G20 summit is clearly more of a beginning than an end. As work
continues towards solutions to the global economic crisis, the Isle of Man is
ready to play a constructive part,” concluded Brown.
TAX-NEWS.COM
Free Tax-News Feed